Gold Jumps Despite Better Private Jobs Data

Silver bounced and miners followed the metals

Gold rallied on Wednesday, shaking off a report that showed better-than-expected U.S. job growth last month to rise sharply during the session.

ADP (ADP) reported that private employers added 215,000 jobs during November. That surprised economists, who were expecting new hiring of about 170,000 workers during the month. A strengthening job market has been cited by Federal Reserve officials as a key metric that could lead the central bank to begin tapering its monthly bond-buying.

Gold futures for February delivery climbed 2.2% to $1,247.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,251.50 and as low as $1,210.80. Bullion closed in London at $1,246, according to BullionVault.